The Companies House of United Kingdom included the name Ali Khalil Abadi of 20 Spring Vale Mill, Turton Bolton, Mancester in the list of Register of Disqualified Directors effective from October 03, 2011 to October 02, 2021.
On May 10, 2012 U.S. Securities and Exchange Commission (SEC) published that the commission deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 against Robert C. Pribilski (“Pribilski”). After an investigation, the Division of Enforcement alleges that: From at least 2005 through March 2010, Pribilski was the president of USA Retirement Management Services. For a portion of the time in which he engaged in the conduct underlying the complaint described below, Pribilski acted as an unregistered broker-dealer by soliciting investors in promissory notes offered by USARMS without being registered as a broker or dealer. Pribilski, 53 years old, is a resident of Lisle, Illinois.
On May 10, 2012 U.S. Securities and Exchange Commission (SEC) published that the U.S. District Court for the Northern District of Georgia entered a consent order requiring, among other things, that Defendant Dr. Bobby V. Khan, a Georgia-based doctor, pay more than double the amount of his trading profits obtained through alleged insider trading. The Commission filed charges against Dr. Bobby V. Khan in September 2010, alleging that he traded illegally in the stock of Georgia-based pharmaceutical company Sciele Pharma, Inc. on the basis of nonpublic information he received just days before the public announcement of a tender offer by a Japanese company to purchase all of that company’s shares.
On May 10, 2012 U.S. Securities and Exchange Commission (SEC) published that the commission charged a Manhattan resident on May 9, 2012, with carrying out a complex market manipulation scheme in biopharmaceutical stocks after he was kicked out of the brokerage industry for fraud. The SEC alleges that David Blech established more than 50 brokerage accounts in the names of family members, friends, and even a private religious institution. He used those accounts to buy and sell significant amounts of stock in two biopharmaceutical companies in order to create the artificial appearance of activity in their securities so he could maintain their market price and use it to his own financial advantage.
On 13 April 2012, Netherland’s Authority for the Financial Markets (AFM) published that it imposed an order for incremental penalty payments on 29 March 2012, against Mr Ch.N.P. Van Renynghe de Voxvrie. He trades among others under the names Fidelity Finance, TradingForex.com, TradingGoldex.com and The Freedom Trading Club. He fails to comply in full with the AFM's requests for information. The AFM has asked Mr Ch.N.P. Van Renynghe de Voxvrie for bank details. The AFM requires this information in order to be able to establish whether and to what extent he complies with the Financial Supervision Act (Wft) and whether he performs activities that are subject to the licence requirement.
On April 04, 2012 Alabama Securities Commission (ASC) published that Robert T. Treese, III, District Attorney for the 37th Judicial Circuit, Lee County, Alabama; and, Joseph P. Borg, Director of the Alabama Securities Commission, announced today the arrest of Thomas Washington Campbell, III, a Salem, Alabama resident, for alleged violations of the Alabama Securities Act. Campbell turned himself in to the Lee County Sheriff’s Department, Mar. 23, 2012, and was arrested based on a Jan., 2012 Lee County Grand Jury indictment alleging 12 total counts, including three counts each of Sale of Unregistered Securities and Sale of Securities by an Unregistered Agent as well as six counts of Fraud in Connection with the Sale of Securities. He was subsequently released on a $60,000 bond.
On April 23, 2012 Alabama Securities Commission (ASC) published that Thomas M. Smith, District Attorney for the 6th Judicial Circuit, Tuscaloosa County, Alabama; Bill Adair, District Attorney for the 14th Judicial Circuit, Walker County and, Joseph Borg, Director of the Alabama Securities Commission announced that Michael Kevin Mullen, 58, an Aiken, South Carolina resident was sentenced to 10 years imprisonment in a penitentiary of the State of Alabama, and given 400 days of jail credit for previous time served. Mullen’s application for probation was granted by the court and he will serve on supervised probation for five years with special conditions that he will pay all court ordered monies and will not sell securities in the State of Alabama. Mullen was ordered to pay $323,885.65 in restitution to victims of his investment scheme.
On May 09, 2012 U.S. Commodity Futures Trading Commission (CFTC) announced that the filing of a civil enforcement action in the U.S. District Court for the Eastern District of New York charging Madison Dean, Inc., of Wantagh, N.Y., and its principals, George Athanasatos, also of Wantagh, and Laurence Dodge of Fresh Meadows, N.Y., with fraudulently soliciting approximately 19 persons to invest approximately $415,000 in managed trading accounts to trade off-exchange foreign currency contracts on a leverage or margined basis. None of the defendants has ever been registered with the CFTC.
On May 08, 2012 U.S. Securities and Exchange Commission (SEC) published that the commission issued a Notice of Proposed Plan of Distribution and Opportunity for Comment pursuant to Rule 1103 on September 23, 2010, of the Commission’s Rules on Fair Funds and Disgorgement Plans, 17 C.F.R. § 201.1103. The Notice was modified on February 1, 2011 (Exchange Act Rel. No. 63813). The Modified Notice advised parties they could obtain a copy of the modified proposed Distribution Plan at www.sec.gov. The Modified Notice also advised that all persons desiring to comment on the Modified Distribution Plan could submit their comments, in writing, no later than 30 days from the date of the Notice. No comments were received by the Commission in response to the Modified Notice. On March 14, 2011, the Commission issued an Order Approving Distribution Plan of a Fair Fund and Appointing a Fund Administrator (Exchange Act Rel. No. 64081).
On May 09, 2012 U.S. Securities and Exchange Commission (SEC) published that the commission charged former Detroit mayor Kwame M. Kilpatrick, former city treasurer Jeffrey W. Beasley, and the investment adviser to the city’s public pension funds involved in a secret exchange of lavish gifts to peddle influence over the funds’ investment process. The Commission’s complaint alleges that Kilpatrick and Beasley, who were trustees to the pension funds, solicited and received $125,000 worth of private jet travel and other perks paid for by MayfieldGentry Realty Advisors LLC, an investment adviser whose CEO Chauncey Mayfield was recommending to the trustees that the pension funds invest approximately $117 million in a real estate investment trust (REIT) controlled by the firm.
On May 08, 2012 Financial Services Authority (FSA) published that it has fined Mitsui Sumitomo Insurance Company (Europe) Ltd (MSIEu) £3,345,000 for serious corporate governance failings, and imposed a ban and fine of £119,303 on its former executive chairman, Yohichi Kumagai. MSIEu is a London-based subsidiary of the Japanese insurance firm Mitsui Sumitomo Insurance Company Ltd, which is part of one of the world’s largest non-life insurance groups. MSIEu historically supplied wholesale insurance cover only to Japanese firms operating in Europe and the Middle East.
On May 08, 2012 Financial Services Authority (FSA) published that a Confiscation Order of £572,283.21 has been made against Rupinder Sidhu. A costs order was also made in favour of the FSA who brought the case. This follows his conviction at Southwark Crown Court on 15 December 2011 for 22 counts of insider dealing, for which he was sentenced to 2 years in prison.
On May 08, 2012 U.S. Commodity Futures Trading Commission (CFTC) announced that Judge Marcia G. Cook, of the U.S. District Court for the Southern District of Florida, entered an order of default judgment and permanent injunction against Juvenal Eduardo Machado (aka Juvenal Eduardo Machado Bogadi, Edward Kaufman, and Eduardo Machado), whose last known address in the United States is Miami, Fla., and his company, Invers Forex, LLC. Neither defendant has ever been registered with the CFTC. The order stems from a CFTC enforcement action filed on June 23, 2011, that charged the defendants with defrauding customers in an off-exchange foreign currency scam and with misappropriating customer funds (see CFTC Press Release 6057-11).
On May 08, 2012 Hong Kong Securities & Futures Commission (SFC) published that it has banned Mr Wong Chiu Wan, a former licensed representative of KGI Asia Limited (KGI), from re-entering the industry for life (Note 1). The disciplinary action follows an SFC investigation which found that, between April and June 2011, Wong conducted unauthorized trades in a client’s securities account at KGI and sold the client’s shares without the consent or instruction of that client. In an attempt to conceal his dishonest acts, Wong also forged the client’s signature to falsify an instruction to amend the client’s e-mail address on KGI’s records in order to prevent the client from receiving trading statements from KGI.
On May 08, 2012 British Columbia Securities Commission (BCSC) published that the executive director of the commission has issued a temporary order and notice of hearing alleging that a British Columbia man engaged in illegal distributions and made materially false statements while promoting an investment on Craigslist. The executive director issues temporary orders in situations where the length of time required to hold a hearing could be prejudicial to the public interest. The notice alleges that Paul Lester Stiles promoted an investment in Velocity Entertainment Inc. that he claimed would provide B.C. investors with returns ranging from 12% in one year to 100% within six months. Stiles was the sole director of Velocity, which was dissolved in 2005 and has never filed a prospectus in B.C.
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